Prospects “ Nizhegorodmotors “ have cleared upBut “ GM — Autovases “ — have grown dim
Prospects “ Nizhegorodmotors “ have cleared up
Yesterday the company “ Nizhegorodmotors “ has denied the spread rumours that the Italian concern FIAT has got a controlling stock of its actions. In the company assert that change of shares of founders in an authorised capital stock is a technical measure. Meanwhile co-owner FIAT, American General Motors, can refuse realisation of other project - creations of joint venture with AvtoVAZom.
the Company “ Nizhegorodmotors “ It is registered in March, 1998. By the end of 2002 it plans to begin release of three models FIAT - Paleo, Paleo Weekend and Siena. Prospective volumes of output - 75 thousand cars a year. Founders - GAS, FIAT and the European Reconstruction and Development Bank - intend to invest in the project in total about $450 million according to the shares in an authorised capital stock: GAS and FIAT - on 40 %, the European Reconstruction and Development Bank - 20 %.
According to Federal Commission on Securities, now FIAT 40 %, and 73 % of shares of company " belong not; Nizhegorodmotors “. As soon as these given steels the version that Italians have decided to redeem at other partners of their share has there and then arisen property of publicity, and to establish control over the company that in case of adverse development of project FIAT could curtail it silently.
yesterday “ Nizhegorodmotors “ has acted with a refutation of these hearings. According to the director for external relations of the company of Sergey Zabello, redistribution of shares in an authorised capital stock “ Nizhegorodmotors “ has really occurred. However it is connected not with sale by founders of the shares each other, and with investments of the parties for organizational needs of the enterprise. Under the mutual arrangement of founders such capital investments automatically lead to increase in a share of the investor in an authorised capital stock. As FIAT by the present moment has enclosed most of all means, its share has grown to 73 %. While the general investments are rather insignificant, but, according to Zabello when business will reach scale capital investments, the primary parity of shares of founders in the company will be necessarily restored.
a press - the secretary of the Russian representation of the European Reconstruction and Development Bank Richard Wallace has confirmed the information “ Nizhegorodmotors “ also has denied assumptions of any cedation of actions between partners. GAS also does not intend to refuse participation in the project. There assert that sale of a part of a share in the company capital “ Nizhegorodmotors “ it is possible only with the consent of other shareholders. While necessity for it at anybody did not arise.
activity of founders “ Nizhegorodmotors “ calls into question possibility of realisation of other assembly project in Russia - joint venture “ GM - Autovases “. Recently GM has got 20 % of actions FIAT in exchange for 5 % of the papers. And now, allegedly, management FIAT all actions including in Russia, co-ordinates with management GM. And in that case it is logical to assume that GM and FIAT not begin to develop simultaneously two similar assembly projects in such risky market as Russia, and will be limited to one “ Nizhegorodmotors “.
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